In Pursuit of Profit - Blog

8 Types of Internal Control Accounting Systems

2/13/2020

8 Types of Internal Control Accounting Systems

Business leaders understand it is essential to have accurate financial data to drive operations and measure success. However, without the proper controls in place errors, fraud, and other issues can occur, hindering operational efficiency and growth. While some small business owners assume internal control systems are only designed for larger organizations, these functions are crucial for companies of all sizes in all industries.

8 Tips for Effective Leadership During Downsizing

1/24/2020

8 Tips for Effective Leadership During Downsizing

Every year millions of employees are laid off amid downsizing efforts. In fact, in 2017 the top 12 employers to conduct layoffs reduced the workforce by more than 47,000 individuals. While some industries bear a larger proportion of the downsizing burden, no industry is exempt. Additionally, private companies are just as likely to downsize as public companies, making employee layoffs an inevitable reality in business.

Understanding Strategic Business Drivers

1/13/2020

business drivers

If you've mapped out your company's operating strategies before considering your strategic business drivers, you may be putting the cart before the horse. Your organization's strategy is a critical statement that outlines how you expect to achieve certain goals. But what are the underlying drivers of your company's beliefs, actions, and desire for success? Defining these should come first, and then your corresponding strategies and projects will follow.

Should Your Accountant Be Responsible for Bookkeeping?

11/18/2019

Should Your Accountant Be Responsible for Bookkeeping?

Business owners looking to control expenses will often combine roles under a single job title to reduce headcount demands.

This is especially prevalent when it comes to financial positions.

Too often bookkeepers are asked to own financial tasks that they are not prepared to take on (like forecasting and tax preparation), while accountants are assigned busy work that they are overqualified for (like entering receipts and issuing checks).

Taking a Vacation as a Business Owner

11/4/2019

Taking a Vacation as a Business Owner

How many vacations should business owners take?
If you have to ask, you are not taking enough.

Americans are taking fewer (and shorter) vacations overall and this trend is magnified at the top of organizations. Business owners are less likely to take much needed vacation time than lower level staff, especially at small businesses and startups. In fact, only half of small business owners plan to take a vacation in the next year and of those, 26% will just take a few days off.

Corporate Philanthropy: What is in Your Budget?

10/28/2019

Corporate Philanthropy: What is in Your Budget?

As head of CFO Selections corporate philanthropy initiatives, the question I get most often, especially now at budget time, from other company executives is, “What is the right amount of money to budget for donations?”

The Pros and Cons of Doing Business in Oregon

8/12/2019

The Pros and Cons of Doing Business in Oregon

Is Oregon the right place for your business? Many Americans dream of starting a business, and the number of new ventures has continued to reach new heights. If you're thinking about launching a company, where you do so matters.

Entrepreneurs are increasingly choosing to call Oregon their home base. The state's economy is strong, and many local communities are committed to the success of small businesses.

6 Tips for Organizing Business Receipts

7/22/2019

6 Tips for Organizing Business Receipts

Many business owners struggle with back-end office organization, especially regarding financial items like business receipts. The problem is two-fold: most business owners underestimate the importance of business receipts, and receipts are hard to organize manually.

While it is advisable to keep all purchase receipts – personal and professional – a desire to reduce paper clutter and make the right choice environmentally has many people skipping the receipt altogether or asking for an emailed copy.

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